Trying to find the best business credit cards in Canada can be tricky because most financial institutions provide credit cards with unique functions and advantages.
The best business credit card ultimately boils down to the type of business you run, how often you travel (for airport lounge access or rental perks), and whether you prefer reward points and cash back offerings that more than match your industry’s expenses.
A business credit card is vital to your operations because it helps separate personal and business expenses, providing your business with the spending power it needs to expand.
Among the best business credit cards in Canada are credit cards for Aeroplane milage and other cards with limitless spending. Picking the best business credit card in Canada is no easy task, but below are excellent credit cards worth considering:
1. American Express Business EdgeTM Card
One of the newest credit cards on the block, the American Express Business EdgeTM Card offers some of the perkiest reward points (42,000), a high earn rate (x3), and has unique business advantages all thrown in. Besides, it is up there with the lowest fee credit cards amongst premium Canadian business credit cards.
Customers earn x3 more points on business and perk purchases, including transit, electronics, office supplies, and food and drink. The triple (x3) offer remains valid, maxing out at 42,000 points, after which customers continue to earn x1 points on purchases.
The American Express Business EdgeTM Card also has a comprehensive coverage plan for your business, including car rental and damage insurance, buyer’s assurance protection, and employee card misuse protection. There is also a dedicated customer service courtesy of Amex.
Highlights:
- Whopping welcome bonus of 30,000 points for purchases C$5,000 and above in first 90 days of card membership
- Triple delight offerings (x3) on points for eligible card purchases like transit, food, office supplies, and gas
- C$99 Annual Fee
- Zero minimum income requirements
- Income eligibility: N/A
- Credit score requirements: N/A
- Purchase interest: 19.99%
- Cash advance interest: 21.99%
2. BMO Air Miles No-Fee Business Mastercard
It’s often difficult to get a business credit card that provides you authentic value with a zero annual fee. The BMO Air Miles No-Fee Business Mastercard is the exception to that rule by providing a refreshing welcome bonus valued at C$100, including Air Miles rewards and additional perks.
Some of these perks are 1 Air Mile Rewards per C$20 expended on all purchases and a further 1.25 Air Miles per C$20 spent for gas at designated Shell stations. Take note that there’s a spending limit of C$2500 for each monthly billing period for the gas station earning rate.
With COVID19 and limited travel, your Air Miles is still helpful for other things like merchandise, tickets, groceries, and many more. The credit card also has other featured extras like liability protection, purchase protection, extended warranty, and employee credit card liability protection (optional). For a no-annual-fee credit card and valuable perks, you’d struggle to find a card that tops the BMO Air Miles No-Fee Business Mastercard.
Highlights:
- Zero Annual Fee
- Minimum Income Requirement: N/A
- Credit Score Requirement: N/A
- Bumper Welcome Bonus of 1,000 Air Miles worth C$100!
- Bonus Perks include purchase and warranty protection and optional employee liability protection.
- Purchase APR: 19.99%
- Cash Advance APR: 22.99%
3. American Express Gold Rewards Card
The American Express Business Gold Rewards Card remains one of your best business partners with its excellent points earning system. It’s a charge card that allows members to earn 1 Membership Rewards Point per C$1 on all card purchases spent at three designated suppliers. The freedom to choose your designated suppliers for bonus rewards means that you can maximize the benefits of the card to your business needs.
The American Express Gold Rewards Card provides a great welcome bonus of 30,000 Membership Rewards points, including a further 5,000 referral bonus Membership Rewards Points for every business owner you refer who successfully signs up for the credit card. While the annual fee is C$250, it’s entirely tax-deductible for customers using it exclusively for business.
The welcome bonus has a value of C$300, nullifying the first-year cost and making it well worth your while. Some other unique features to be mindful of include fifty-five interest-free days to maximize finances and employee card liability protection for supplementary credit cards. Customers will also benefit from the free business management tools that come with the credit card, including extended warranty and purchase protection.
Although there is comprehensive carrier insurance, the lack of medical emergency insurance is a bit of a letdown for customers who enjoy traveling.
But that’s not the biggest downer; as a charge card, you also have to pay off the balance monthly or face a 30% interest rate on accruing payments. At the end of the day, this charge card is designed for highly profitable businesses that can conveniently pay their balance monthly.
Highlights:
- C$250 Annual fee (maybe tax-deductible)
- Income Eligibility Requirements: N/A
- Credit Score Requirement: N/A
- Welcome Bonus up to 30,000 Membership Reward Points
- Freedom to select three suppliers for additional reward points, fifty-five interest-free days including multiple insurance packages
- Purchase interest include 30% aural interest for unpaid balances
4. American Express Business Platinum Card
The American Express Business Platinum Card has a hefty C$499 annual fee – and still retains tremendous value as one of the best business travel credit card in Canada. Business owners earn 1.25 Membership Reward Points for every dollar expended in card purchases.
For instance, if you make purchases worth C$15000, that earns you 18750 in points worth up to C$187. The 50,000 points welcome bonus essentially cancels your first-year annual fee, and there’s no limit to how many points you can earn. In other words, you can make substantial money using this credit card.
On top of that, the annual fee may be tax-deductible if you use the card only for business. The American Express Business Platinum Card is loaded with lots of perks that can save you serious cash on business travel expenses. For example, there’s a comprehensive suite of standard carrier insurance, not forgetting emergency medical insurance worth up to C$5 million.
You also get trip cancellation, hotel and motel burglary, lost and stolen baggage insurance, and lots more. Cardholders with a Hertz membership can also enjoy massive discounts on car rentals and free car rental upgrades. With unlimited free lounge access at airports and premium hotel perks, it’s safe to say the American Express Business Platinum Card has it all.
Savvy business owners understand the benefit of the fifty-five interest-free days, including employee card liability protection, and purchase and extended warranty protection. To round off, the American Express Business Platinum has a bevy of business management tools that enable you to oversee and expand your cash flow.
Be mindful the credit card is a charge card and is only ideal if you’re sure your business can pay off the monthly balance or incur a 30% APR on accrued unpaid balances.
Highlights:
- C$499 annual fee (maybe tax-deductible)
- Income Eligibility Requirements: N/A
- Credit Score Requirement: N/A
- Fifty thousand points Welcome Bonus for C$7,000 purchases on the credit card within the first three months of use.
- A comprehensive suite of standard carrier insurance, including emergency medical insurance, airport lounge access, and hotel benefits.
- 30% annual interest rate for unpaid balances and zero cash advances
5. BMO CashBack Business Mastercard
Potential cardholders with a small business may find it hard to cut costs and save money. But with the BMO CashBack Business Mastercard, you can save on annual fees and enjoy excellent earn rates for daily business purchases. Cardholders can benefit from the 1.75% cashback at Shell gas stations and 1.5% on other gas stations.
Further perks include 1.5% on office supplies, recurring cell/internet expenses, and 0.75% cashback on any other purchases. An under-appreciated feature of this cashback card is the myriad ways of redeeming cash. Cardholders may choose to redeem automatically at a minimum of C$25 into a BMO account or redeem at any time of their choosing.
The welcome offer is nothing to scoff about, with users receiving 10% cash backs on gas station expenses, office supplies, and internet and phone bills for the first four months. Further benefits include a liability waiver program, optional employee liability protection, extended warranty protection, and purchase protection.
Highlights:
- Zero annual fee
- Income Eligibility Requirement: N/A
- Credit Score Requirement: N/A
- Welcome bonus of 10% cashback for office supplies, gas, phone and Internet bills, and gas
- Cashback benefits on any other purchase, warranty, and purchase protection, multiple ways to redeem cash
- Purchase interest: 19.99%
- Cash advance interest: 22.99%
6. Marriot Bonvoy Business American Express Card
If you’re picky with your hotel perks or enjoy affordable travel, look no further than the Marriot Bonvoy Business American Express Card. Cardholders earn Marriot Bonvoy points to redeem for hotel stays in any of the 6500+ hotels, including Ritz-Carlton, Marriot, Sheraton, Westin, and many more.
You can also convert to frequent flyer programs like the Delta Sky Miles, Aeroplan, or Cathay Pacific Asia Miles at a ratio of 3 points per dollar. You’ll also receive 3 points for every dollar spent on daily business expenses like dining, gas, travel, and 2 points for any other purchases.
Booking hotels at Bonvoy places will net you a lucrative 5 points per dollar, with new cardholders getting up to 60,000 as a welcome bonus. The welcome bonus is worth three free stays at a Bonvoy Category II hotel when you spend C$5000 within the first 90 days of signing up.
Although the credit card has a C$150 annual fee, it still reflects excellent value with a free Annual Night Award and 15 Elite Night Credits that can help you upgrade beyond the Bonvoy Gold Elite Status. You’ll also get comprehensive travel insurance for car rental theft, travel accidents, baggage loss and delay, flight, and many more.
Highlights:
- C$150 Annual Fee and C$50 Annual Fee for supplementary credit cards
- Income Eligibility Requirement: N/A
- Credit Score Requirement: N/A
- Up to 60,000 points welcome bonus for spending C$5000 with your credit card within the first three months. Earn additional C$150 Statement Credit on credit card purchases worth C$15,000 in the first membership year. Offers are liable to change at any time.
- Earn 5 points per C$1 spent on designated Bonvoy properties, 3 Points per C$1 on dining travel and gas, unlimited 2 points per C$1 on any other purchase.
- Annual Free Night Award, comprehensive insurance protection for business and travel
7. Scotiabank Momentum for Business Visa Card
This credit card is an exciting cashback card for Canadian business owners who intend to receive as much as 3% of all purchases with the credit card. It is an excellent card with an annual fee of C$49 and a 22.9% cash advance interest rate as its only drawbacks.
On a more positive note, cardholders can receive up to a C$100,000 credit limit with supplementary cards thrown in. Besides, the first-year annual fee is free. To further enhance the credit card’s value, Scotiabank provides a 6-month 2.99% rate for balance transfers and discharging your debt.
For those who enjoy traveling for business, Scotiabank Momentum for Business Visa Card provides up to C$1 million in travel insurance, C$500 for each flight delay, C$1250 group lost baggage, C$500k carrier insurance, and C$1000 for hotel burglary insurance. The Scotiabank Momentum for Business Visa Card is ideal for business owners with ambitions to expand as well as start-ups with pre-existing debt.
Highlights:
- C$79 Annual Fee
- Income Eligibility Requirement: N/A
- Credit Score Requirement: N/A
- 3% cashback on Gas, Restaurant, Recurring Bills, and Office supplies
- Additional cashback on other eligible business purchase
- Discounts on purchases with Visa SavingsEdge
- 2.99% interest rate for first six months of use
- Purchase and extended warranty protection
- Vehicle, travel, and emergency medical insurance
8. Scotiabank GM Visa Business Card
Owning a car is a no-brainer for a growing business, albeit expensive. But the Scotiabank GM Business Visa credit card comes to the rescue of entrepreneurs looking to lease or buy a GM brand car. You can get discounts up to 25% at designated AVIS locations and designated Budget locations across Canada and the US when you pay with your credit card.
Simultaneously, the GM Business Choice Program provides options that allow you to offset the cost of buying a new GMC or Chevrolet vehicle of your choice. The credit card provides practical perks for the pragmatic business owner, plus car rental discounts and a great shopper protection program, all for an annual fee that’s waivable for the first year.
Highlights:
- C$79 annual fee waivable for the first year and C$29 for supplementary cardholders
- Income Eligibility Requirement: N/A
- Credit Score Requirement: N/A
- 2.99% introductory rate on balance transfers within the first six months and 22.99% after
- Up to C$100,000 in unsecured credit
- 5% in GM Earnings on first C$10,000 annually and 2% in subsequent years
- C$1 on GM Earnings matches C$1 of purchase price or lease of new Buick, GMC, or Cadillac
- Purchase and extended warranty protection
9. Scotiabank Passport Visa Infinite Business
The Scotiabank Passport Visa Infinite Business is arguably one of the best business credit cards in Canada without a foreign transaction fee. In case you forgot, credit cards often charge a 2.5% fee for purchases outside the Canadian dollar. If you often transact with merchants outside the country, this fee can put a massive dent on your expense sheet.
The credit card also gives you a comprehensive travel insurance package, a welcome bonus worth 50,000 Scotia Reward Points, and a Priority Pass Standard Membership alongside six free passes per year.
Highlights:
- C$199 Annual Fee
- Income Eligibility Requirement: N/A
- Credit Score Requirement: N/A
- 35,000 Scotia Reward Points worth C$350 for credit card purchases within the first three months
- 15,000 Welcome Bonus worth C$150 for C$60,000 spending in the first year
- Priority Pass Standard Membership including six free visits annually
- 1.5 Scotia Reward Points per C$1 on any other purchase
- Comprehensive travel insurance
- Purchase and warranty protection
10. CIBC bizline Visa Card for Business
The CIBC biz line Visa Card for Business is ideal for small businesses averse to paying an annual fee. It’s a no-frills card that works like a credit line that you can access with your credit card. While you won’t find any rewards with this credit card, you’ll get excellent value in the lower interest rates than a typical credit card. Cardholders will also receive standard carrier insurance and business management tools at no annual expense.
If you’re looking to earn points or rewards, the CIBC bizline Visa Card for business isn’t for you. But if you want a no-gimmicks credit card that you can bank on for your daily business purchases, you can count on the CIBC bizline VISA Card for Business. Expect to receive up to C$50,000 in credit for your business expenses. Cardholders may also add up to nine supplementary cards at no additional cost.
Highlights:
- Zero Annual Fee
- Income Eligibility Requirement: C$35,000 annually
- Credit Score Requirement: N/A
- Up to C$50,000 in credit for business purchases
- Up to C$100,000 in carrier insurance when you travel by ferry, bus, train, or plane
- Up to nine additional cards at zero cost
- CIBC Credit Smart program to monitor credit card activity
